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Auto Warranty Advice - Automobile Warranty Information Source |
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Most of the important warranties that come with every vehicle expire at about 36,000 miles or three years from the original "in-service date". Since a three-year-old vehicle or one with just 36,000 miles is relatively young in today's market, auto dealers perceived the need to provide additional warranties beyond the manufacturer's basic warranty.
Out of this need grew an entire industry. In the beginning, 20 years ago, any dealer could offer any warranty. Companies were formed specifically to administer the dealer's own warranties. Also, these same third party administrators went out and solicited dealers that heretofore hadn't offered their own warranty. Marketing and administrating warranties became a thriving and lucrative business.
When large numbers of dealers and administrators went out of business due to a downturn in the economy, consumers were left holding worthless warranties. After some legal maneuvering it became apparent that the banks that financed the cars were forced to honor the dealer's warranties. The law, known as the "holder in due course", provided the impetus for lenders to demand that dealers get their warranties insured if they wanted vehicle financing. In this way, if the dealer or the administrator failed to honor the warranty agreement, consumers would be protected by an insurance company.
This began a period of real problems for the entire industry. Insurers wanted to know exactly what risks they were covering and very few dealers or administrators could adequately demonstrate this. Thus ensued turmoil where insurance companies eager for huge premiums jumped into the warranty business. These same companies no more than five years later were very quick to get out. What appeared to be a cash cow often turned out to be a monstrous liability. Many companies lost hundreds of millions of dollars.
Contact:
Email:questions@autowarrantyadvice.com.
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